Cion Investment Corporation · NYSE:CION
Cion Investment — Q2 2024 Earnings Presentation
15 slides from Cion Investment's earnings presentation, Aug 8, 2024
Slide 1: CION Investment Corporation Second Quarter 2024 Earnings Presentation
CION Investment Corporation Second Quarter 2024 Earnings Presentation
Slide 2: Disclosures and Forward-Looking Statements
Disclosures and Forward - Looking Statements 2 The information contained in this earnings presentation should be viewed in conjunction with the earnings conference call of CION Investment Corporation (NYSE : CION) (“CION” or the “Company”) held on Thursday, August 8 , 2024 as well as the Company’s Q
Slide 3: Second Quarter and Other Highlights – Ended June 30, 2024
3 1. The discussion of the investment portfolio excludes short term investments. 2. The Company incurred certain customary costs and expenses in connection with the JPM fifth amendment and will pay an annual a dmi nistrative fee of 0.20% on JPM's total financing commitment. Second Quarter and Other
Slide 4: Selected Financial Highlights
4 Selected Financial Highlights 1. The discussion of the investment portfolio excludes short term investments. 2. Total debt outstanding excludes netting of debt issuance costs. Please refer to page 10 for debt net of issuance costs. 3. Includes supplemental distributions of $ 0 . 05 per share durin
Slide 5: Investment Activity
Investment Activity • New investment commitments for the quarter were $148 million, of which $137 million were funded and $11 million were unfunded . • New investment commitments were made across 3 new and 16 existing portfolio companies. • Fundings of previously unfunded commitments for the quarter
Slide 6: Portfolio Asset Composition
6 Portfolio Asset Composition * Less than 1%. The discussion of the investment portfolio is at fair value and excludes short term investments. 100% 100% 88% 7% 5% 93% 7% 84% 15% 1% 0%* 0%* 0%* 0%* 0%* 1% 1% 1% 85% 1% 13% 86% 11% 2% 87% 2% 10% 14% 2% 0%* 93% 7% 84% 0%*
Slide 7: Internal Investment Risk Ratings
7 INTERNAL INVESTMENT RISK RATINGS (1) (% of Total Portfolio, Fair Value) Q2 2024 NON - ACCRUAL % (1) Higher Credit Quality Lower Credit Quality Credit Quality of Investments 1. The discussion of the investment portfolio excludes short term investments. * - Less than 1%. Rating Q2 2024 Q1 2024 Q4 20
Slide 8: Portfolio Summary
PORTFOLIO BY SECURITY TYPE (4) PORTFOLIO BY INTEREST RATE TYPE (4) Portfolio Summary 8 ( 1 ) See endnote 5 in our press release filed with the SEC on August 8 , 2024 . ( 2 ) See endnote 6 in our press release filed with the SEC on August 8 , 2024 . ( 3 ) See endnote 7 in our press release filed with
Slide 9: Quarterly Operating Results
Quarterly Operating Results 9 All figures in thousands, except share and per share data Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Investment income Interest income (1) $ 53,863 $ 69,654 $ 56,403 $ 63,913 $ 56,813 Dividend income 5,152 27 128 95 52 Fee income 2,342 3,873 3,468 3,532 1,631 Total investm
Slide 10: Quarterly Balance Sheet
Quarterly Balance Sheet 10 All figures in thousands, except per share data and asset coverage ratio Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Assets Investments, at fair value $ 1,906,125 $ 1,870,837 $ 1,954,270 $ 1,844,877 $ 1,788,462 Cash 9,798 48,482 8,415 6,805 11,515 Interest receivable on invest
Slide 11: Q2 2024 Net Asset Value Bridge Per Share Data
11 Q2 2024 Net Asset Value Bridge Per Share Data
Slide 12: YTD 2024 Net Asset Value Bridge Per Share Data
12 YTD 2024 Net Asset Value Bridge Per Share Data
Slide 13: Debt Summary
13 Total Commitment Amount Principal Amount Outstanding Interest Rate Maturity Date JPM Credit Facility $675 $550 S + 3.20% (2)(3) 5/15/2025 (3) UBS Facility 150 100 S + 3.20% 11/19/2024 Unsecured Notes, 2026 (1) 125 125 4.50% 2/11/2026 Series A Unsecured Notes, 2026 (1) 115 115 S + 3.82% 8/31/2026
Slide 14: Distribution Per Share and Distribution Coverage
14 Distribution Per Share and Distribution Coverage 1 1. Includes special and/or supplemental distributions of $0.27, $0.05, $0.20 and $0.05 per share during Q4 2022, Q3 2023, Q4 202 3 a nd Q2 2024, respectively. Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Net Investment Income (
Slide 15: Slide 15